Headmaster Jack Ma, founder and chairman of Alibaba Group, speaks during the opening ceremony of Hupan College's third term in Hangzhou, Zhejiang province, on March 27, 2017. [Photo/VCG]

The high-profile Hupan College, a school for entrepreneurs established by Alibaba founder Jack Ma among eight other heavy weight names, began its third term in Hangzhou, East China's Zhejiang province, on Monday.

Forty-four entrepreneurs from different industries were admitted as students for the new term, plucked from 1,080 qualified applicants, which makes the college's acceptance rate 4.07 percent.

Jack Ma, president of the college, awarded all of the new students with school badges at the opening ceremony in front of the school board and students of the first and second terms. This is regarded as a tradition of the college.

Ma said he is confident that in the next 20 years, 200 CEOs of China's top 500 companies will have graduated or have been candidates of Hupan College.

The college holds very high expectations for its applicants. It only accepts candidates who have at least three years' experience running their own businesses, a team of more than 30 employees and an annual revenue exceeding 30 million yuan ($4.36 million).

In addition, they must get three recommendations, at least one of which must be appointed by the college.

In the new term, tuition has risen from 280,000 yuan for three years to 360,000 yuan.

Many of this term's students are already big names in China, which include Luo Zhenyu, founder and host of the online talk show, Luoji Siwei (Luogic Show), Zhang Xuhao, founder and CEO of food ordering and delivery app Ele.me, and singer Hu Haiquan, founder of entertainment company Giant Jump.

The students' backgrounds have become more diverse this term. Less than one-third are working on online businesses. "While students of the first term were typically from internet companies, more students of the second and third term's are from traditional industries," Ma said.

The average age of the new term's students is 39 years old, with the youngest and eldest born in 1992 and 1964 respectively.

Located in the West Lake scenic area, Hupan College was launched on Jan 26, 2015. Differing from a traditional MBA education, it aims to nurture emerging entrepreneurs with strong social responsibility and high business moral standards.

Ma said: "The next 30 years will witness the emergence of new kind of enterprises. The past recipe will no longer work. We must cultivate a group of new talents."

According to Ma, Hupan College will be open to global entrepreneurs in the future.